Smith & Nephew (NYSE:SNN) shares gained in London and New York today after the medical device giant met the consensus forecast for its first-quarter sales and raised its top-line outlook on the rest of the year.
The London-based wound care and orthopedics company reported sales growth of 0.5% to $1.20 billion, in line with the consensus forecast on Wall Street, and said it now expects underlying sales growth at the high end of its prior guidance for 2.5% to 3.5%.
“It’s been a good start to 2019 across the whole of Smith & Nephew,” CEO Namal Nawana said in prepared remarks. “All three global franchises delivered improved organic growth as we continued to improve execution; important confirmation that each has the potential to perform sustainably at or above their markets. At the same time, we’ve made well-judged acquisitions that bring in new technologies to strengthen leadership positions across the business, which we expect to further accelerate growth over time. While recognizing that further work remains to achieve the full potential of our portfolio, we are encouraged with our progress towards sustainably delivering above-market growth.”
SN shares were up 3.2%in London today, to £15.21 apiece today as of about 3:45pm local time. In New York SNN shares were up 2.8% to $39.85 each in late-morning trading.
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